Neerja Kapur, CMD,NIA said, “India’s drone manufacturing industry clocked annual sales of Rs 60 crores in FY 2021 and is expected to grow to Rs 900 crores by FY 2024. Thanks to the impetus given by the Government of India through the liberalised Drone Rules, 2021, India has the potential to be a global drone hub by 2030
Mumbai:
After a few private sector general insurers, New India Assurance, the country’s largest general insurer, on Thursday has launched its cover for drones.
The ‘New India Unmanned Aircraft System (UAS/UAV/RPAS/Drone) Insurance will cover large aircrafts to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers.
Commenting on the product’s launch, Neerja Kapur, CMD, said,“India’s drone manufacturing industry clocked annual sales of Rs 60 crores in FY 2021 and is expected to grow to Rs 900 crores by FY 2024. Thanks to the impetus given by the Government of India through the liberalised Drone Rules, 2021, India has the potential to be a global drone hub by 2030.”
“As the pioneers in Indian aviation insurance, we aim to develop insurance products of a global standard. With our aviation insurance products, we hope to contribute to India’s anticipated aviation revolution,” said Kapur.
The product provides a diverse option of over 15 different add-on covers for customers to pick and choose from. These add-on covers are designed as per the drone industry’s requirement.
The policy covers physical damage to the aircraft and its theft. It also provides cover for accidental physical injury to the third party and/or damage to their property due to the aircraft’s operations.
The policy is designed to cover fixed wing, rotor wing & hybrid UAS that can be controlled remotely (with pilot intervention) or autonomous drones (without pilot intervention).
These aircrafts are generally deployed for military and non- military applications, including surveillance, geography and infrastructure inspections, aerial photography.
Private sector general insurers like HDFC Ergo and ICICI Lombard, Tata AIG General Insurance and Bajaj Allianz General Insurance have already launched their drone covers earlier.